The fifth release of "Originals of their Time" was a re-edition of the model T111 introduced in 1931 (Pelikan Schreibgeräte), and is called "1931 Toledo" or "Toledo 1931"⁽¹⁾. The 1931 Toledo was released in a limited production run of 1,100 units. As can be seen in the Originals of their Time series, the number of limited production units decreases with each release. The reason for the 1,100 units is stated in the pamphlet. To quote from it,

"The 11th century was fateful for the city of Toledo – Over four centuries from 712 to 1085, the Arabians ruled over Toledo under their rule, Toledo flourished in art and science, in the silk and cotton industry as well as in its fabrication arms. Toledo’s damascene blades and inlays made by the gold- and silversmiths of the city went by the name of Toledo and carried its unique technique into the world. In 1085 Alfonso VI of Castilla conquered The city and appointed Toledo as his royal residence in 1087. In memory of this very historical 11th century, we have decided to restrict the “Limited Edition Toledo” to only 1100 pieces."

As already mentioned, this 1931 Toledo is very similar to the original model T111, except for a few details (such as the nib unit and internal suction mechanism). The clip, which resembles a pelican's face and beak, the two milled 14 carat gold cap rings (Fig.3-1), and, most notably, the sleeve engraved with two pelicans (Fig.4-1, 4-2), show the manufacturer's efforts to faithfully reproduce the original design (Fig.12-1). Though it is a bit lengthy, I will quote the description from the brochure again.

"An exquisite art – The eye catcher on this extraordinary fountain pen is a valuable ring made in Toledo in Spain in the exquisite tradition of Damascene art⁽²⁾. In meticulous hand-work, ornaments of gold are laid into the basic iron material. In twelve steps, the wafer-thin golden patterns are professional and carefully embossed into the iron with the finest special tools. This artful method, which has been named after the Syrian capital of Damascus, from where it was spread throughout the Mediterranean. Arabs later brought this art to Spain. Today, the city of Toledo is the world’s leading center of this unequalled art.​"

Even with this fountain pen, the cap is made of celluloid, so there are occasional instances of the celluloid shrinking and the cap becoming tight⁽³⁾. However, since the sleeve is made of iron, there are no problems like those seen in the 1935 model, and overall, it can be said to be a work of art.

This fountain pen seems to have been particularly special even among the Originals of their Time series, with elaborate packaging and a dedicated pen case (Fig.9) unlike the other pens in the series.

The re-edition of the 100 series ended with this fountain pen. In the end, the model 112 was not re-editioned. Subsequently, the re-edition of the 101N series began in 2011⁽⁴⁾, but the 100N Gold, 100N Toledo, and 101N White Gold have not yet. 
​​​​​
Note;⁽¹⁾Although the box /papers, the name of this pen is only "Originals of their Time 1931", in the Statements of Inspiration (2004), the pen was advertised as "Originals of their Time Toledo 1931".
⁽²⁾This fountain pen undoubtedly pays homage to the Toledo technique ( or Damasquinado) and actually was made in Toledo. However, like the original, it was not made using the Toledo technique in the strict sense (PENEXCHANGE, Pelikan Schreibgeräte​).
⁽³⁾On my 1931 Toledo, the cap cannot be posted on the cone (between the sleeve and turning knob) as a result of shrinkage of the celluloid cap tube (Fig.1-1). 
⁽⁴⁾Perhaps learning from the failure of 1935, Pelikan did not use celluloid or ebonite in these fountain pens.